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is no austerity. england did not cut spending, and england has increased spending in the last budget cycle and increased taxes. when we talk about austerity most people believe we slash spending and cut taxes or raise the taxes, but that is not what is happening in most of europe and not all of the countries, but there have been massive tax increases across the countries, and either slight or serious increases in spending like in fran france, and hollandz going to raise taxes and spending, and that is why europe is in the toilet, because they have an unreal and unsustainable economic model where they are going to keep spending and keep taxing and then the gap between revenue and outlays is gone. this is not quite right on a couple of levels. one, the most troubled countries in europe have clearly cut spending and raised taxes. portugal and ireland. and that has not worked. wait a second, nick. before the crisis, spain and italy had the structural defi t deficits going down, and o

Budget cycleFran franceEurozone crisisNick gillespie